AegonJul 12 2018

Aegon hasn't moved £8bn of Nationwide assets to new platform

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Aegon hasn't moved £8bn of Nationwide assets to new platform

Adviser platform Aegon has confirmed it has yet to move the £8bn of assets held on behalf of Nationwide onto its new platform.

The assets came to Aegon as part of its acquisition of Cofunds in 2016.

While advisers throughout the country continue to report problems with the service they are experiencing on the revamped platform, the £8bn of assets held within the Cofunds investors portfolio service have yet to be migrated across.

A representative of Aegon said: “Through our acquisition of Cofunds we took over Cofunds’ investor portfolio service. Nationwide has assets managed through this service which will be migrated to our platform later this year.”

As FTAdviser previously reported, advisers have reported a swathe of problems with the new platform, including delays in performing basic services for clients.

Aegon has said it will compensate those who have lost out.

The incident follows in the wake of similar problems for clients of the Aviva platform. Prior to its technology upgrade happening, Aegon had vowed not to repeat the mistakes of Aviva.

Tom Turner, an adviser at Blithe House Financial Management in Southport described his experience of being an Aegon customer since the upgrade happened as a “sorry tale” as he struggled to contact the relevant people at Aegon.

david.thorpe@ft.com